At least S$3.7 million lost to rental scams in H1 2023
Jessie Lim
AT LEAST 616 victims fell prey to rental scams in the first half of 2023, with total losses amounting to at least S$3.7 million.
This marked a jump from the same period last year, when there were 360 cases involving at least S$1.2 million in losses.
Scams are increasingly sophisticated, and the property market is not immune to them, said Minister of State for Home Affairs and National Development Faishal Ibrahim on Tuesday (Nov 14).
He was speaking to about 200 real estate leaders at the Singapore Key Executive Officers and Leaders Conference 2023, organised by the Singapore Estate Agents Association (SEAA). The event explored how the industry can be safeguarded from risks.
Faishal said: “Gone are the days when scammers used brute force and got away with small amounts of money. Today, they deploy novel methods involving complex social engineering, aimed at (exploiting) one’s vulnerability and weakness.”
He described one common scam type in which scammers impersonate landlords to cheat unsuspecting tenants of their deposits.
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He also said that fake property listings have been advertised to bait prospective clients into parting with their money, and that there were shady investment proposals or scams masquerading as legitimate offerings.
Eugene Lim, key executive officer of ERA, said that some scammers go to the extent of having a “runner” open the door to a unit for viewing.
He said: “The runner will pose as the agent’s personal assistant. All this is done to impersonate the identity of the agent and to scam the unsuspecting tenant.”
“Consumer education needs to be stepped up, and the authorities need to work faster and harder to catch the scammers.”
To convince victims of their identity, scammers even send photos of their Council for Estate Agencies (CEA) registration number, business card and photos or videos of virtual tours of the properties to be leased, the police said.
The prevalence of such scams can impact the property industry, affecting public trust and confidence in property agents, said Superintendent of Police Michelle Foo, head of the anti-scam investigation branch of the Anti-Scam Command, during the event.
The police and the National Crime Prevention Council have been working closely with the CEA on anti-scam initiatives.
The CEA has a dedicated website on how rental scams work, and what people can do to avoid them.
For instance, members of the public can download the ScamShield app to block and report scams. They can also check if the property agent’s phone number is legitimate and registered with the CEA.
Mark Yip, chief executive officer at Huttons Asia, said: “The public should check the identity of the salesperson against the CEA public register of salespersons. They should not pay cash to secure a viewing.”
As part of its commitment to fight scams, the SEAA will share important information on scams with its 6,500 real estate agent members.
Electronic brochures describing how the public can safeguard themselves against scams will also be distributed across networks and communities in the real estate industry.
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